BCG
THE 2022 M&A REPORT: DEALMAKING REMAINS ACTIVE AS DARK CLOUDS FORM
Dealmakers face the most challenging environment for M&A since the financial crisis of 2008–2009. Soaring inflation, rising interest rates, and a looming recession have put an end to the buying spree that followed the lifting of COVID-19 lockdowns. Although corporate and financial acquirers are exercising greater caution in their pursuit of targets, they have not closed shop. Indeed, the level of M&A activity in 2022 is in line with recent pre-pandemic levels, despite slowing down relative to 2021’s frenzied pace and trending lower throughout the year. Looking ahead, savvy buyers and sellers will continue to use M&A to create value even in unfavorable conditions. As we previously discussed, downturns can be a good time for deal hunting. In addition to the traditional motivations, sustainability is gaining importance as a reason to acquire or divest businesses. >more

Kroll
INDUSTRY MULTIPLES IN EUROPE – Q2 2022
We are pleased to launch the third edition of our Industry Multiples in Europe quarterly report. This report provides valuable insights into trading multiples for various key industries in Europe as of June 30, 2022. Our analysis uses constituents of the STOXX® Europe Total Market Index (“STOXX Europe TMI”), which covers about 95% of the free float in Europe. >more

BCG
MOST TECH DEALS FOCUS ON GROWTH. MOST POST-MERGER INTEGRATIONS DON’T.
The technology sector is entering a downturn, but BCG research and experience has found that these periods are an excellent opportunity for dealmaking — provided that companies can execute their mergers and acquisitions (M&A) strategy and achieve their value-creation objectives. That’s a big challenge, as more than half of all deals across all sectors fail to meet those objectives. Tech companies in particular often confront a common challenge: they primarily buy businesses to fuel growth, but they don’t align planning measures and resources toward that goal until after the deal closes. Even then, the measures aimed at capturing growth are far less rigorous than the approaches companies use to reduce costs. As a result, value creation is delayed by 12 to 24 months—if it comes at all. >more

ValueTrust | Finexpert | WU Vienna
DACH CAPITAL MARKET STUDY
ValueTrust, finexpert and the Institute of Management Accounting and Auditing at WU Vienna publish the eleventh edition of the ValueTrust DACH Capital Market Study (version: June 30, 2022). In our DACH Capital Market Study, we derive valuation parameters and cost of equity in a comprehensive manner for Germany, Austria and Switzerland to provide a sound basis for investment decisions. We present current valuation levels based on stock market multiples and estimate the cost of equity using four different methods for twelve different industries. >more

ValueTrust
EUROPEAN CAPITAL MARKET STUDY
ValueTrust is pleased to announce the tenth edition of the European Capital Market Study (due date: June 30, 2022). They analyze the relevant parameters for calculating the cost of capital, determine implied as well as historical market and industry returns and derive the unlevered cost of equity based on 10 different industries. >more

Allen & Overy
M&A INSIGHTS: H1 2022
The value of global M&A transactions dropped 21% when compared to the record high of H1 2021, although deal values still broke USD2 trillion. Global deal volume also decreased by 17%, but a drop from last year’s record levels could perhaps be expected, with macro events such as inflation, interest rates and the Ukraine war creating a more challenging deal market. Even so, this first half was higher in value than any year pre-2018, and was the third highest H1 on record. Interestingly, global M&A value was greater in Q2 than Q1, although volume slowed, and this made Q2 2022 the third highest Q2 on record. >more

Man Group
DEALING WITH HIDDEN EQUITY RISK IN M&A DEALS
Assets under management in merger arbitrage hedge funds has quadrupled from USD 22 billion to USD 85 billion in the last 10 years. 2021 was a stellar year for M&A activity, with more than 40,000 deals announced globally. Chances are that a fund manager will, at some point, be exposed to a stock which is the target of an acquisition. As risk arbitrage strategies attract more capital, there is an increased need from risk professionals and hedge fund managers to represent the risk coming from M&A activity as accurately as possible. >more

FINANCE MAGAZIN
M&A PANEL MAI 2022
Actually, after the brilliant comeback from the core crisis year of the Corona pandemic 2020, M&A advisors had expected to be blessed with an abundance of deals this year as well. Then the Ukraine war came along and abruptly put the brakes on the M&A market. Although the deal flow has not completely stopped, M&A advisors are feeling the first signs of the cooling market, as the current FINANCE M&A Panel shows, for which FINANCE regularly asks M&A heads from companies as well as M&A advisors and investment bankers for their market assessment. >more

White & Case
INSIGHT: TRENDS IN THE GERMAN PUBLIC M&A MARKET IN 2021
The overall boom in M&A in 2021 was confirmed in Germany's public M&A sector, with a total volume of EUR 67.3 billion. Despite being influenced mainly by several special factors – including the trend towards delisting and realignment of the real estate market – this development is notable due to the very high company valuations seen in 2021. The DAX 30 (or the expanded DAX 40 since September 2021) increased by almost 16% over the course of the year, from 13,718 points at the beginning of the year to 15,884 points at the end of the year. The Coronavirus-related low of 8,441 points in mid-March 2020 was offset by almost continuous price increases in 2021. If and how the boom of 2021 will continue in 2022 remains to be seen in light of geopolitical turmoil due to the Ukraine crises and rising interest rates. >more

ZEW
M&A-REPORT APRIL 2022
The M&A Report is compiled jointly by ZEW and Bureau van Dijk. The M&A Report semi-annually informs about current topics and developments in the field of worldwide mergers and acquisitions drawing on the Zephyr database. Zephyr provides detailed information on more than one million M&A, IPO and Private Equity transactions worldwide. >more

Bain & Company
HEALTHCARE PRIVATE EQUITY MARKET 2021: THE YEAR IN REVIEW
In the second year of Covid-19, healthcare private equity activity showed remarkable resilience to the widespread disruption, posting a record year for both deal volume and disclosed value. This stemmed partly from a pandemic-induced backlog of parked deals, as well as the revival of megadeals headlined by the $34 billion Medline deal and the $17 billion acquisition of Athenahealth. >more

CMS
EUROPEAN M&A STUDY 2022
This year’s Study covers almost 500 share and asset deals on which CMS European offices advised in 2021. This is a record number of deals for one year and reflects the M&A boom in 2021. We observed that normal deal metrics applied in most of those transactions: a retreat from the particularly 'buyer-friendly' approach we found in 2020, and a return to more standard seller and buyer provisions. >more

Baker McKenzie
TRENDS AND SPOTLIGHTS OF THE CHINESE INVESTMENT LANDSCAPE
Baker McKenzie’s eighth annual analysis of Chinese outbound investment trends, conducted in partnership with Rhodium Group, details Mainland China’s movements in the ever-changing global market, driven by investors’ desires for broader market entry, strategic synergy, access to resources and new energy, and expansion of technology and product portfolios. >more

I-Advise
STUDIE ZUR UNTERNEHMENSBEWERTUNG BEI GESELLSCHAFTSRECHTLICHEN BEWERTUNGSANLÄSSEN
The eighth edition of the study on company valuations in corporate law valuation situations shows the development of valuation practice for squeeze-outs, domination and profit and loss transfer agreements, mergers and changes of legal form in the years 2010 to 2021. With 44% of all squeeze-out measures, the share of squeeze-outs under merger law reached its peak in 2021. >more

Baker Tilly
GLOBAL DEALMAKERS 2022: M&A MARKET UPDATE
There are good reasons to expect healthy levels of M&A going forward. As the global economic recovery continues, many corporates are looking to refocus their strategy for the changed market landscape, particularly in the context of digital transformation. Moreover, new imperatives for M&A have emerged. The need to confront climate change and other societal issues is now firmly on the boardroom agenda. The global battle for talent is forcing many organisations to think again about how they secure the skills they now need. >more

Oliver Wyman
OVERHAULING THE SCIENCE OF VALUATIONS
This paper operates within the finance apparatus established half a century ago but modernizes the science of valuation to make it fit for the 21st century. The market is like a musical ensemble. Not all musicians play at the same time, or with the same instruments. A flute might constantly flutter around a root melody, while a cymbal might come in rarely but powerfully. One needs to listen to the music of the market to understand it. We have found that the music of the market is much richer in the post-World War II era: What started as a string quartet is now a full symphony orchestra. That is one of the major themes of this work. >more

Mergermarket | Mazars
INVESTING IN CEE: INBOUND M&A REPORT 2021/2022
Mergermarket and Mazars are pleased to present Investing in CEE: Inbound M&A report 2021/2022. This report offers an overview of investor activity into the CEE region in 2021, looking ahead to the challenges and opportunities for the coming months. Deal volume and value both increased in 2021. The number of M&A deals in the CEE region rose to 889 in 2021, up 32% on the previous year. Total deal value was also higher, with transactions totalling €67.5bn. This represents an increase of 41% compared with 2020 and it is the highest total transaction value since 2016. >more

Bain & Company
GLOBAL M&A REPORT 2022
Disruptive change in many areas of the economy is driving the global M&A business. Even high valuations are not preventing companies from making acquisitions to speed up their digital transformation, for example. Low interest rates are also making it easier for strategic buyers and financial investors to make acquisition decisions. And the renaissance of special purpose acquisition companies (SPACs) has further fueled the boom. Accordingly, global M&A volume increased significantly in 2021, reaching a new high of USD 5.9 trillion. In 2019, before the outbreak of the Corona pandemic, only $4.0 trillion had been recorded (Figure). In its "Global M&A Report 2022," the international management consultancy Bain & Company analyzes global merger and acquisition activity and highlights the success factors in a challenging environment. >more

PwC
DESTINATION DEUTSCHLAND: M&A ACTIVITY OF FOREIGN INVESTORS IN GERMANY IN 2021
The report "Destination Germany. M&A Activities of Foreign Investors 2021" by the auditing and consulting firm PwC Germany analyzes all mergers, company acquisitions and sales, leveraged buyouts, spin-offs, privatisations and acquisitions of minority stakes in German companies by foreign investors announced between January 1, 2017 and November 15, 2021. >more

Houlihan Lokey
PURCHASE PRICE ALLOCATION STUDY
Houlihan Lokey is pleased to share with you its annual Purchase Price Allocation (PPA) Study, one of the largest, most detailed investigations of its kind. Our annual PPA Study provides an in-depth look at the recent allocations recorded by publicly traded registrants and can be used as a benchmark throughout the industry. >more

Lazard
FINANCIAL SPONSOR SECONDARY MARKET YEAR-END REVIEW – 2021
With the COVID crisis stabilizing in 2021, secondary market activity soared, with volume estimated to have doubled on estimated 2020 figures and GP-led transactions accounting for 50% of the market. LP-led activity started to recover in the second half of 2021. Continuation fund transactions remained the most common transaction structure in 2021, specifically single-asset continuation funds which accounted for over 50% of the overall GP market volume for the first time. >more

PwC
TRANSPORT & LOGISTICS BAROMETER: 2021 FULL-YEAR ANALYSIS
Emerging from the Corona crisis with record M&A year: Global deal activity in the transportation and logistics industry reached an all-time high in 2021. More than twice as many megadeals compared to previous year were announced. In addition, 2021 was the year of strategic investors. >more

Baker McKenzie
GLOBAL PRIVATE M&A GUIDE
Our Global Private M&A Guide examines the impact of new and existing laws on deal structuring and private M&A generally in nearly 40 countries. It provides a holistic overview of the key legal and regulatory M&A framework through all stages of the transaction process, including structuring the deal, getting to signing, integration and understanding the broader legal landscape - foreign investment restrictions, antitrust issues, tax considerations, employment law obligations and anti-bribery concerns. >more

Ansarada
2022 M&A OUTLOOK: Q&A WITH THE TOP GLOBAL DEALMAKERS
Mergermarket is pleased to present 2022 M&A Outlook: Q&A with the Top Global Dealmakers, published in association with Ansarada. This interview-style report explores the key themes that will shape 2022, according to a group of leading M&A dealmakers around the globe. >more

Squire Patton Boggs
SURGING AHEAD: M&A OUTLOOK 2022 AND BEYOND
Mergermarket is pleased to present the Surging Ahead: M&A Outlook 2022 and beyond, published in association with Squire Patton Boggs. The report reveals that M&A activity bounced back with huge resilience in the first three quarters of 2021, and looks ahead to the question of whether this remarkable recovery in dealmaking can be sustained. >more

PwC
TRANSPORT & LOGISTICS BAROMETER
132 deals were announced in the transport & logistics industry in the first half of 2021, indicating a return to business as usual. After the strong catch-up effect in the second half of 2020, M&As have levelled off close to pre-crisis levels. Total deal value has been largely driven by the biggest deal of H1 2021, but also by the relatively high number of megadeals overall. >more

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